Whirlpool sells 24% stake in India unit for US$468 million

WHIRLPOOL said on Tuesday (Feb 20) it has executed a sale of 24 per cent of its stake in its India unit for about US$468 million.

Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75 per cent to 51 per cent.

The company expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.

The sale was first reported by Reuters on Monday. Goldman Sachs is advising the company on the deal, the report said, citing a term sheet.

Whirlpool said in a US filing in November that it planned to sell the stake in a bid to reduce debt.

The company’s profit fell for a fifth straight quarter in the three months to end-September as it faced rising competition and price pressures. REUTERS